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The PBOC set the yuan midpoint fix 454 pips stronger than Bloomberg survey estimates, the 11th straight day of stronger-than-expected fixings. The move followed the reserve requirement cut announced earlier in the week.
A persistent strong fix signals official resistance to yuan weakness, which supports Chinese import purchasing power but has limited direct effect on feed grain prices.
bloomberg.comBloomberg NewsSep 7, 2022After 50 past bearish policy events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (46% higher; middle half -0.4% to +0.4%), and -0.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
